The Marginal Cost of Funds in the Presence of Environmental Externalities
AbstractThe marginal cost of funds is useful for measuring the cost of taxation in cost-benefit and tax reform analysis. In this paper, the authors present general equilibrium estimates of the marginal cost of funds in an economy with environmental externalities. They find that excluding such effects can yield quite misleading results. The inclusion of externalities opens up a significantly larger potential for tax reform, and the ranking of taxes is strikingly changed. The estimate of the average, base-case marginal cost of funds is reduced. The authors also indicate double dividends in the Norwegian economy. Copyright 1996 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 98 (1996)
Issue (Month): 3 ()
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
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